2023-10-30 21:29:26
S&P andthat fingerIt has rebounded since falling into a correction zone last week, with investors buying on dips and the main U.S. stock index closing in the red on Monday (30th). Technology stocks rallied strongly as investors awaited Apple’s earnings report, with Tesla falling below $200 per share for the first time since early June. ON Semiconductor’s financial forecast failed, and semiconductor stocks were obviously weak.
Dow JonesMonday’s closing surge exceeded 500 points, with the S&P rising more than 1%, ending three consecutive trading days of decline.that fingerContinue to rise more than 1%,half feeGained more than 1%.
10-year U.S. Treasury yieldIt started the week jumping above 5% but was trading around 4.89% on Monday. The U.S. Treasury Department’s quarterly repayment statement showed that planned debt issuance in the fourth quarter was US$776 billion, US$76 billion lower than expected three months ago.
In terms of politics and economy, following a busy week of financial reports from large technology giants, the market will focus on three major events this week: the Federal Reserve’s (Fed) latest interest rate policy decision, Apple’s financial report and the non-farm payrolls report.
The Federal Reserve has raised interest rates 11 times since it began tightening policy in March 2022. The market is generally expected to keep interest rates unchanged this week. This is the second consecutive pause. The Federal Reserve is expected to raise interest rates at least until 2023. Completed interest rate hikes this year.
Apple is set to report earnings following the bell on Thursday, and with many on Wall Street eager to see how iPhone sales are doing amid slowing demand, the S&P’s largest component is in the midst of a correction, down regarding 15% from its 52-week high.
The October non-farm payrolls report is due out on Friday, with investors hoping for a slowdown in the labor market that would give the Fed the confidence to stay on hold for the rest of the year.
In addition, there are rumors in the market that General Motors reached a tentative agreement with the United Auto Workers (UAW) on Monday, the last of the three major U.S. automakers to reach an agreement with the union to quell the six-week strike by auto workers.
U.S. President Biden announced a broad executive order on artificial intelligence (AI) on Monday, aiming to establish new standards for artificial intelligence safety, protect Americans’ privacy rights, promote fairness and civil rights, and safeguard the interests of consumers and workers. Promote innovation and competition and position the United States as a leader in the global race for AI.
On the geopolitical front, the conflict between Israel and Hamas continued. The Israeli army said on Monday that they were expanding their ground invasion of Gaza and promised to continue to carry out “large-scale and major strikes” to hunt down Hamas, the mastermind behind the October 7 massacre. Militants. The death toll from Israeli bombing of the Gaza Strip continues to rise, with the Palestinian Health Ministry stating that the death toll has exceeded 8,000.
World Trade Organization (WTO) Secretary-General Ngozi Okonjo-Iweala pointed out that if the ongoing conflict between Israel and Hamas spreads to other parts of the Middle East, it will have an impact on global growth and trade, as aggregate demand across the board The World Trade Organization has lowered its trade growth forecast for 2023. Global merchandise trade volume in 2023 will only grow by 0.8% compared with the same period last year, halved from the 1.7% forecast in April.
Performance of the four major U.S. stock indexes on Monday (30th): U.S. stocksDow Jones IndexIt rose 511.37 points, or 1.58%, to close at 32,928.96 points.
NasdaqThe index rose 146.47 points, or 1.16%, to close at 12,789.48 points.
S&P 500 IndexIt rose 49.45 points, or 1.2%, to close at 4,166.82 points.
Philadelphia SemiconductorThe index fell 41.91 points, or 1.30%, to close at 3,185.18 points. All 11 major S&P sectors rose, led by communications services (+2.1%) and financials (+1.7%). (Image: finviz) Focus Stocks
The five kings of science and technology are rising together. Alphabet (GOOGL-US) rose 1.87%; Meta (META-US) rose 2.00%; Apple (AAPL-US) rose 1.23%; Microsoft (MSFT-US) rose 2.27%; Amazon (AMZN-US) rose 3.89%.
Dow JonesMore than half of the constituent stocks ended higher. Nike (OF THE US) rose 3.9%; Goldman Sachs (GS-US) rose 3.77%; Verizon Communications (VZ-US) rose 3.53%; Traveler (TRV-US) rose 3.01%; Walgreens Alliance Boots (WBA-US) fell 0.19%.
half feeComponent stocks are mostly weak. ON Semiconductor (ON-US) plunged 21.77%; Qualcomm (QCOM-US) rose 1.29%; Huida (NVDA-US) rose 1.63%; Micron (MU-US) rose 0.64%; Applied Materials (AMAT-US) fell 0.21%; AMD (AMD-US) fell 0.26%; Deyi (TXN-US) fell 0.93%.
Taiwan stock ADRs were mixed. TSMC ADR (TSM-US) rose 0.08%; ASE ADR (ASX-US) fell 1.60%; UMC ADR (UMC-US) flat; Chunghwa Telecom ADR (CHT-US) rose 1.10%.
Corporate News
Electric car leader Tesla Tesla (TSLA-US) plunged 4.79% to $197.36 per share. Previously, its main supplier Panasonic said it cut its car battery production last quarter, exacerbating investors’ concerns regarding a slowdown in global electric vehicle sales.
Fintech company SoFi (SOFI-US) closed at a 1.02% dividend at $6.94 per share following the company reported strong third-quarter revenue and raised its full-year forecast.
Stellantis NV(STLA-US) fell 0.22% to $18.00 per share. Stellantis reached a tentative deal with the UAW on Saturday that includes a 25% hourly wage increase and cost-of-living assistance over four years in a contract, joining Ford last week similar. The agreements still need to be voted on by members of the company’s union.
HSBC Bank (HSBC-US) closed at a 0.45% dividend to $603.70 per share. HSBC announced that its third-quarter following-tax profit was US$6.26 billion, a 235% jump from US$2.66 billion in the same period last year, and it also decided to repurchase US$3 billion of its own shares.
ON Semiconductor (ON-US) plunged 21.77% to $65.34 per share, its worst single-day performance since March 2020. The company reported better-than-expected third-quarter results, but released a disappointing fourth-quarter financial forecast.
American hard disk manufacturer Wei Teng Electronics (WDC-US) surged 7.26% to $41.80 per share. Witten Electronics announced that it will be split into two independent listed companies in the second half of next year, focusing on the hard drive and flash memory markets respectively. Analysts believe that investors support the spin-off, which will provide Weiton Electronics with strategic flexibility for future value creation.
Wall Street Analysis
Michael Pearce, chief U.S. economist at Oxford Economics, said: “Economic data is only part of the reason that may push the Fed to stay on hold this week. It is only part of the reason to keep interest rates rising for the foreseeable future. Soaring bond yields mean the Fed The meeting is likely to remain on hold next week or even in December, with interest rate cuts expected to begin following May 2024.”
Wells Fargo expects: “The Fed’s hawkish stance is no longer so hawkish and the market has adjusted to the Treasury’s growing liquidity needs, resulting in a strong rebound from oversold levels.”
“Investors are finally feeling more confident and may have priced in enough bad news, and that really showed in the market’s strength on Monday,” said Art Hogan, chief market strategist at B. Riley Financial.
The figures are all updated before the deadline, please refer to the actual quotation.
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